Hong Kong's bill to facilitate the issuance of sukuk, or Islamic bonds, is expected to be ready early next year but initially at least, it may attract little interest among issuers. In March, the government asked for industry feedback on the subject and this month, it said it aimed to introduce a bill in early 2013.
A draft bill could take three months to prepare and then be passed quickly into law provided there is no controversy, said Marcellus Wong, co-chairman of the taxation policy committee at the Taxation Institute of Hong Kong, an association of tax professionals...............................................Full Article: Source